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Subject:  82 year old needs advice Date:  7/28/2002  4:02 PM
Author:  Tutomu Number:  8033 of 20630

Hi board members!

Need some feedback from this board for my 82 year old uncle who came to me for advice.

His question: How should I be investing my retirement savings?

Age: 82
Cash: $580,000
Home: $275,000 (no mortgage)
Needs to generate $1,000 a month

Right now he has an investmenet account with a financial services/broker/investment bank etc. His present account is 50/50 cash and sercurities. He seems to be in good health, but believes that he may only have 3 or 4 years left. The current market situation makes him very nervous. He continually updates his losses daily (by hand). He has lost less than 5% of portfolio in the recent downturn, which he calculates into his the hourly wage he made 18 years. Even a twenty dollar loss on day makes him sick to his stomach.

My advice to him was: Hire an independent advisor and or tax accountant who will probably tell him to sell his stocks for some fixed income securities and enjoy your remaining days.

I haven't been able to find much advice for 82 year olds at the Fool, but I suggested that since his outlook is less than 5 years he might want to consider getting out of stocks.

What would you do? Thanks.


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